Al Ghurair unveils $1.36bn Dubai development plan

DUBAI, October 10, 2017

UAE-based Al Ghurair Properties has announced a new wave of projects worth Dh5 billion ($1.36 billion) across Dubai including 58 buildings in a sustainably-built layout that will include 8,000 residential units and 350,000 sq ft of retail units.

These visionary projects, which will come up in prime localities of Deira, Bur Dubai, Al Barsha, Al Qusais, and Al Warqa districts, are in line with the company’s vision to enhance the property offering in the city.

An increasing demand by UAE residents for quality homes, coupled with a boost in business and new entrants into the job market, has led one of the UAE’s longest established developers to significantly invest in the sector, said a statement from the company.

These developments are aimed at strengthen the socioeconomic fabric of the emirate by delivering quality living and commercial spaces, it added.

On the new projects, Al Ghurair Properties said all these developments will boast smart functional residential and commercial facilities besides practical spaces with the latest fittings and amenities.

Moreover, they will be built as per the latest green building codes and come with energy-efficient fittings to conserve power. The company will also offer quality amenities and maintenance services to ensure ultimate comfort and safety to its tenants, stated the real estate development arm of leading UAE conglomerate Al Ghurair.

Commenting on the launch, CEO Sultan Al Ghurair said: "We started these projects with a focus on revitalising the housing segment in Dubai. We identified an upward trend in the present residential market and are currently aiming to optimize the positive turn."

"Furthermore, these projects reflect Al Ghurair Properties’ in-depth understanding of the market needs and our commitment to providing the type of residential destinations that support the creation of a healthy real estate market in the emirate," stated Sultan.

"Throughout the development’s building process, Al Ghurair Properties will work closely with the finest partners to ensure the creation of top quality and sustainable destinations that meet the needs of all segments of Dubai’s growing population, and that will be at the heart of the emirate’s continued economic growth and diversification," he noted.

The projects’ infrastructural work began earlier this year, with the first building due for completion by the end of 2017. The remaining 57 projects are scheduled for completion by the fourth quarter of 2020.

"Al Ghurair Properties carries the legacy of developing a large number of properties in different parts of Dubai that helped expand the property market of the city," remarked Sultan.

Al Ghurair City remains its largest asset with 343 apartments, 200 retail outlets, an office block, three car parking facilities a cineplex, a food court and a dining district.

It also boasts the five-star Al Ghurair Hotel, a 428-key luxury hotel and Al Ghurair Living, a deluxe service apartment block with 192 keys, managed by AccorHotels, all connected through a three-level podium that connect the facility.-TradeArabia News Service